Lee Verly will be opening his company called LV

Catering in January of the next year. He predicts that January, February and March will generate $110,000, $100,000 and $145,000 worth of sales respectively. The company expects to sell 25% of its products for cash. Of the sales on account, 50% are expected to be collected in the month of the sale, 25% in the month following the sale and the remainder in the following month. Prepare the cash receipts section of the cash budget.

LV Catering

Cash Receipts

For January, February and MarchJanuaryFebruaryMarchCash sales$Answer

Answer

SAnswer

Collections from credit customers$ Answer

Answer

$Answer

Total Cash Receipts$Answer

SAnswer

Answer